Corning Cuts Q3 Outlook; Stock Stumbles
Corning (GLW) this morning said it now sees Q3 profits before special items of 43-45 cents a share, down from previous guidance of 48-51 cents. Sales are now expected to be $1.58 billion to $1.62 billion, down from $1.65 billion to $1.72 billion. The company also dropped its gross margin expectation for the quarter to about 47 percent from “at least 50 percent.”
In a statement, Corning said the reduced guidance reflects lower-than-expected shipments of LCD glass in the company’s wholly owned display business.
In a statement, CEO Wendell Weeks said the “supply chain correction … is taking longer than we expected.”